"Despite boom, higher costs push Big Oil into slump."

AP: “New troves of oil have been found all over the globe, and oil companies are taking in around $100 for every barrel they produce. But these seemingly prosperous conditions aren’t doing much for Big Oil: Profit and production at the world’s largest oil companies are slumping badly.” “Exxon Mobil, Shell and BP all posted disappointing earnings this week. Chevron is expected to post a profit decline Friday. All of them face the same problem: The cost to get newfound oil from remote locations and tightly packed rock is high and rising. And it takes years and billions of dollars to get big new production projects up and running.
….Oswald Clint, an analyst at Bernstein Research, said in a recent report that oil prices can hold steady and even rise into 2015. Among his reasons: The growth of U.S. oil production is slowing because the best new American fields have been tapped, and the number of rigs probing new fields has flattened out.”